Auction market remains stable before winter slowdown
THE auction market has hit a stable level with more than 2400 properties expected to go under the hammer this week.
While auction levels will inevitably drop as colder weather hits, for now the market is still going strong.
Victoria has 1081 properties listed for auction this week. Of those 979 are for auction in Melbourne this weekend, up from only 700 last week.
With clearance rates in the low to mid-60s being returned consistently, Greville Pabst, WBP Property Group chief executive, believes buyers may see conditions improve.
He is tipping after a surge in auctions over the next three weeks before the numbers will drop back to more stable levels — and not just for auctions, but for growth as well.
“Growth performance is expected to remain stable throughout the next quarter, however, auction volumes are likely to decline somewhat from June as winter officially hits the city,” Mr Pabst says.
“While this will alleviate pressure from potential purchasers feeling the pinch to buy before prices rise further, fewer properties for sale will likely mean greater competition among buyers.”
In the meantime there are plenty of auctions expected to receive significant competition this weekend.
New South Wales has 850 properties scheduled for auction this week, Queensland has 293, and South Australia has a strong showing with 125.
Western Australia has 40 auctions scheduled, the ACT has 29, Tasmania, 12 and Northern Territory, 11.
A home which was once the 19th-century homestead on a pineapple plantation will go to auction on Saturday at 11am.
The property at 77 Mason Rd, Hendra, has been restored over the past three decades by its owners Andy and Marie Andronicus.
It has cast-iron panels came from the original Supreme Court of Brisbane after it was demolished. It has four bedrooms and three bathrooms and a grand ballroom. The property has a pool and outdoor kitchen. It is being marketed through Ray White New Farm.
A luxurious four-bedroom home in Sovereign Islands on the Gold Coast will be auctioned on site on Saturday at 3.30pm through Harcourts Luxury Coastal.
The modern home at 13 Parklane Tce, Sovereign Islands has floor to ceiling glass throughout, with views to Surfers Paradise and Stradbroke Island.
It has a lap pool while inside is a tiered cinema and two storey gallery-style entry.
CALIFORNIAN-style bungalow at Denistone.
A Californian-style bungalow which has been renovated by its owners will head to auction on Saturday at 10am through First National Real Estate.
The owners have renovated the home at 58 Chatham Rd, Denistone, New South Wales, and added a second-storey extension.
On the ground level is a study, lounge, kitchen and family area.
The home has a fireplace in the loungeroom which has an ornate ceiling with a waratah motif.
It has an auction price guide of $1.25 million plus.
A home on a large landholding at 5 Fairview Ave, Wheelers Hill in Victoria will be auctioned on Saturday at 11am.
The five-bedroom house is being marketed through Harcourts. The home, designed by McLauchlan and Associates is on 2254sq m. There is a double-height foyer with a sweeping staircase. The home has views to the Dandenong Ranges, and 10-foot ceilings.